Rental Property Partnership - What to include or examples?

[Daniel Dietz]

Hello All, 

I am looking for feedback or examples of things to cover in a '50-50' partnership that will be investing in buy-n-hold rentals. One partner will 'silent' and be bringing the down payments of aproxiamtely 20-25%, and the other partner (me) will be doing all of the aquisition, rehab management, finding tenants, ongoing PM, etc.....

I am currently involved in 3 other partnerships that own buy-n-hold rentals, but all of them are 3 people, so '33-33-33'. Majority vote rules for most things (unanomous vote is needed for some). This simplfies things in some ways as there is never a 'tie vote' ;-) 

I am primarily look for ideas of how to deal with; what if one partner wants out before the target investment timeline (10 years +) , what to do in case of the death or incapacitation of a partner, and things along those lines. 

In my other partnerships, we have written ways of valueing properties if a partner wants out, so I think I have that covered. 

These would most likely be set up as LLCs, as my others are also if that makes any difference.

Thanks, Dan Dietz